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First Homes 

First Homes is a homebuying scheme to help first time buyers get on the property ladder. Read below to find out more.

Help for first time buyers in London

As a potential first time buyer in London, you should already be familiar with the government's Help to Buy scheme. 

However, you may not be aware of the newly launched First Homes scheme. This is an alternative option which could see you take your first step on the property ladder.

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What is the First Homes scheme? 

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The First Homes scheme is a new type of affordable housing available to first time buyers. It provides a discount of at least 30% below market value on newly built flats and houses – both in London and across England. 


The idea behind this scheme is to help local people buy within their community, often within areas where prices can be financially challenging.

If the owner of a First Homes property later decides to sell, the same discount will be applied to the next eligible buyer. 

 

 

Is the First Homes scheme available soon?

In June 2021, the government conducted a pilot of the scheme in England. They set a target of around 1,500 First Homes to be available to purchase by the end of the year. 


At present, the number of eligible properties is limited – including no availability on Barratt London. However, it is expected to grow over time as more new developments offering the scheme come to the market.

 

 

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Am I eligible for First Homes?

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If you’re in London and are thinking of applying for the First Homes scheme, you should first check to see if you’re eligible. 


To be eligible you’d need to be:


  • first time buyer

  • Have a combined household income under £90,000

  • Purchase a home valued up to £420,000 after discount has been applied

  • Able to get a mortgage to fund a minimum of 50% of the discounted price

 

  

Key workers such as NHS nurses, teachers, police personnel, and current or former members of the Armed Forces will receive priority. 

 

 

Is First Homes available on Barratt London? 

We aren’t currently offering the First Homes scheme, but we do have a range of schemes and offers aimed at first time buyers. To get a better understanding of how you can get on the property ladder, you can read up on our London Help to Buy guide.

Get in touch and discuss your move today.

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